Refunds of overpaid GST
Tax Laws Amendment (2014 Measures No. 1) Bill 2014 -Refunding excess GST received royal assent on 30 May 2014.
The amendment clarifies the circumstances in which taxpayers are entitled to refunds of overpaid GST by replacing section 105-65 of Schedule 1 to the Taxation Administration Act 1953 (TAA) with Division 142 of the A New Tax System (Goods and Services Tax) Act 1999.
The changes apply to tax periods commencing on or after 31 May 2014.
Legislation and supporting material
The following legislation received royal assent on 30 May 2014;
On 26 June 2013, Tax Laws Amendment (2013 Measures No. 4) Bill 2013 was introduced into the House of Representatives. Schedule 3 of the Bill relates to refund claims of overpaid goods and services tax (GST).